Empire Life Investments Inc. Cuts Stake in Chord Energy Co. (NASDAQ:CHRD)

Empire Life Investments Inc. lessened its stake in Chord Energy Co. (NASDAQ:CHRD - Free Report) by 50.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,108 shares of the company's stock after selling 5,291 shares during the period. Empire Life Investments Inc.'s holdings in Chord Energy were worth $665,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Hexagon Capital Partners LLC grew its position in shares of Chord Energy by 462.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 197 shares of the company's stock worth $26,000 after buying an additional 162 shares during the last quarter. UMB Bank n.a. grew its holdings in Chord Energy by 77.7% in the third quarter. UMB Bank n.a. now owns 231 shares of the company's stock worth $30,000 after purchasing an additional 101 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of Chord Energy during the second quarter worth $40,000. Benjamin F. Edwards & Company Inc. increased its position in shares of Chord Energy by 125.9% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 244 shares of the company's stock worth $41,000 after purchasing an additional 136 shares in the last quarter. Finally, Spartan Fund Management Inc. purchased a new stake in shares of Chord Energy during the 3rd quarter valued at $34,000. 97.76% of the stock is currently owned by institutional investors.

Chord Energy Stock Performance

Shares of CHRD stock traded down $1.30 on Friday, hitting $123.80. The company had a trading volume of 1,067,830 shares, compared to its average volume of 717,068. Chord Energy Co. has a twelve month low of $123.30 and a twelve month high of $190.23. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 0.11. The firm has a market cap of $7.66 billion, a P/E ratio of 6.01, a price-to-earnings-growth ratio of 4.85 and a beta of 0.98. The company has a 50-day moving average price of $134.16 and a 200-day moving average price of $157.95.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $4.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.00 by ($0.31). The company had revenue of $902.70 million during the quarter, compared to analyst estimates of $982.43 million. Chord Energy had a net margin of 20.83% and a return on equity of 15.06%. The company's revenue was up 29.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.65 earnings per share. As a group, equities research analysts predict that Chord Energy Co. will post 17.07 earnings per share for the current fiscal year.

Chord Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Wednesday, August 21st were given a dividend of $1.25 per share. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $5.00 annualized dividend and a yield of 4.04%. Chord Energy's dividend payout ratio is presently 24.27%.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Truist Financial dropped their target price on Chord Energy from $223.00 to $185.00 and set a "buy" rating on the stock in a research note on Monday, September 30th. Wolfe Research started coverage on shares of Chord Energy in a report on Thursday, July 18th. They set a "peer perform" rating on the stock. UBS Group assumed coverage on shares of Chord Energy in a research note on Wednesday, October 16th. They issued a "buy" rating and a $168.00 target price for the company. Royal Bank of Canada restated an "outperform" rating and set a $200.00 price target on shares of Chord Energy in a research note on Friday, September 20th. Finally, BMO Capital Markets lowered their price objective on shares of Chord Energy from $205.00 to $175.00 and set an "outperform" rating for the company in a research note on Friday, October 4th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $190.18.

Insider Buying and Selling at Chord Energy

In other news, Director Samantha Holroyd bought 500 shares of the stock in a transaction dated Friday, August 23rd. The shares were acquired at an average cost of $149.51 per share, with a total value of $74,755.00. Following the purchase, the director now directly owns 14,417 shares in the company, valued at $2,155,485.67. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.70% of the stock is owned by corporate insiders.

Chord Energy Profile

Chord Energy Corporation operates as an independent exploration and production company in the United States. It acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Williston Basin. The company sells its products to refiners, marketers, and other purchasers that have access to nearby pipeline and rail facilities.